The event brought together the CEOs of numerous local and foreign firms, economic experts and policymakers, who shared their practical experience in cross-border business and penetrating new markets.

Key issues discussed during the forum included identifying businesses’ strengths and weaknesses, updating businesses on integration opportunities and challenges, and helping them learn from domestic and foreign firms so they could enter overseas markets after establishing a strong position in their local markets.

In addition, the impact of the government’s policies in improving the business environment, controlling inflation and maintaining stable interest rates for enterprises, as well as evaluating business performance, were also topics addressed by the forum’s participants.

In his speech, Director of the Vietnam Economics Institute Tran Dinh Thien said Vietnam’s economy showed many positive signs during the last year, but there were still urgent and long-term problems, adding that the government, as well as the business community, had to conduct comprehensive preparations to enlarge the nation’s business life.

“Enterprises have to try their best to enhance their competitiveness so they can be completely confident in their abilities when they are integrating deeper into the international market,” Thien said.

The government needs to create a positive and transparent business environment for local enterprises, nurture their passions, and encourage and promote their entrepreneurial spirits, according to Tran Du Lich, a member of the Economic Commission of the National Assembly.

Further, Hoa Sen Group Chairman Le Phuoc Vu said international integration created competitive pressures, forcing companies to become more innovative.

However, he added, the economy is becoming unbalanced due to the uneven development between the two blocks of FDI and domestic enterprises, noting that the government should formulate policies that more effectively support domestic enterprises.

For his part, Le Khac Hiep, deputy chairman of Vingroup, said local firms should not be nervous about the penetration of foreign companies into the local market.

“Vietnamese enterprises have their own strengths, and competition helps them grow,” Hiep said.

The Vietnam CEO Forum was first held in 2012, and 2016 is its 5th year of operation. Despite being newly founded, the forum has become the most anticipated event by CEOs across Vietnam, attracting special attention from policymakers, economic experts and media, with its sharp and up-to-the-minute discussions about key issues faced by businesses, as well as Vietnam’s economy.-VNA